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and utilities set for plumbing. In addition, parts of the project’s second phase, such as the single-family homes and retail, restaurant and o ce spaces, will either be completed or under construction by the time Phase 1 is nished in August 2023. Keller Economic Development Director Mary Meier Culver said since the Center Stage project is being funded privately, the city’s role is to help the develop- ers recruit businesses. “We work closely with them in terms of providing as much guidance as we can, but ultimately, they’re going to be the ones making that decision because they are the developers,” Meier Culver said. PeabodyHotel set tobreakground inspring2022 Cody Petree, Roanoke assistant city manager, said the agreement with The Peabody Hotel calls for an April construction start with completion expected in two years. The Peabody Hotel could not be reached for com- ment by press time, but Petree said not much about the plans have changed since June, when city o - cials received an update from Marty Belz, chairman of Peabody Hotels and Resorts. The project was estimated to cost a total of $144 million and is primarily being nanced through bonds sold to private investors and nancial insti- tutions, according to Todd Smith of Hilltop Security, who serves as the project nancing banker. Peabody Hotel Roanoke will include 266 rooms and suites; 25,000 square feet of meeting space; a 12,000-square-foot ballroom; an upscale steak- house; a lobby bar; a whiskey bar; a pool and deck bar and restaurant; a co ee shop and deli; a full-ser- vice Feathers Spa and Salon; and a tness center, according to the hotel’s website. “The Peabody Roanoke represents a critical com- ponent of the downtown mixed-use project and will create incredible synergy for the entire area,” Petree said. “The hotel project will bolster the already robust local economy and will be a legacy project for many generations to come, while also creating a prestigious tourist destination.”
Developers Realty Capital Management and Greystar broke ground in July on the rst of two phases of the mixed-use development Center Stage Keller. At buildout, the project’s appraised value is estimated at more than $129.7 million. centerstagekeller Estimated revenue based only on Phase 1:
Construction on the Peabody Hotel Roanoke is expected to begin in April and be complete in two years, according to Roanoke Assistant City Manager Cody Petree. peabodyhotelRoanoke
The hotel will include: • 266 rooms and suites • 25,000 square feet of meeting space • 12,000-square-foot ballroom • Upscale steakhouse • Lobby bar
• Whiskey bar • Pool and deck bar and restaurant • Co ee shop and deli • Full-service Feathers Spa and Salon • Fitness center
$1.29 million in property tax revenue for Keller ISD
$336,008 in property tax revenue for the city
$144,000 in city sales tax revenue
SOURCE: CITY OF KELLER COMMUNITY IMPACT NEWSPAPER
SOURCE: THE PEABODY HOTEL COMMUNITY IMPACT NEWSPAPER
Estimated groundbreaking
Phase 2 construction expected to begin soon after bids go out
Leasing o ce and clubhouse open
Retail buildings and rst building of units open
Project reaches 100% completion
Estimated completion
2020
2021
2022
2023
2024
38-acre mixed-use development known as Center Stage Keller. In 2022, the project is expected to reach a handful of signi cant milestones and openings. The rst phase of the project includes Greystar’s 24,000-square-foot commercial space and 475 mul- tifamily residences called The Lyric at Keller Center Stage, according to AJ Glass, development partner at Realty Capital Management. The rst phase also includes a community lawn and surrounding infra- structure for 11,000 square feet of retail and restaurant
space by Realty Capital. JR Thulin, senior director of development at Grey- star, said most of the underground infrastructure is complete, and crews are pouring the building slabs. The developers are on track to open the leasing o ce and clubhouse in late September, with retail build- ings and the rst building of units to be complete in November. “Construction on the project is progressing along nicely,” Thulin said. Glass said the community lawn has been graded,
For more information, visit communityimpact.com.
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KELLER ROANOKE NORTHEAST FORT WORTH EDITION • JANUARY 2022
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